RGA Announces Annuity Reinsurance Transaction With Modern Woodmen
June 08 2021 - 09:00AM
Business Wire
Reinsurance Group of America, Incorporated (NYSE: RGA) a leading
global life, annuity, and health reinsurer, today announced the
completion of an annuity reinsurance transaction with Modern
Woodmen of America (Modern Woodmen), a member-owned fraternal
financial services organization. Under the agreement, an RGA
subsidiary will reinsure a seasoned block of U.S. annuity business.
Modern Woodmen will continue to service and administer the
contracts.
“Collaboration and trust are key qualities necessary to complete
a long-term transaction such as this. We are pleased that Modern
Woodmen chose RGA as their partner and we are happy that, by
working closely together, we were able to tailor a mutually
beneficial transaction that meets Modern Woodmen’s specific capital
and risk management objectives,” said Larry Carson, Executive Vice
President, Global Financial Solutions, RGA. “This transaction
continues RGA’s successful strategy to grow our asset-intensive
business.”
The Willis Re Life Solutions Group served as the broker for the
transaction.
The transaction closed on June 3, 2021, with an effective date
of April 1, 2021. Additional terms of the transaction are not being
disclosed.
About RGA
Reinsurance Group of America, Incorporated (RGA), a Fortune 500
company, is among the leading global providers of life reinsurance
and financial solutions, with approximately $3.4 trillion of life
reinsurance in force and assets of $84.8 billion as of March 31,
2021. Founded in 1973, RGA is recognized for its deep technical
expertise in risk and capital management, innovative solutions, and
commitment to serving its clients. With headquarters in St. Louis,
Missouri, and operations around the world, RGA delivers expert
solutions in individual life reinsurance, individual living
benefits reinsurance, group reinsurance, health reinsurance,
facultative underwriting, product development, and financial
solutions. To learn more about RGA and its businesses, visit the
company’s website at www.rgare.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210608005192/en/
Lynn Phillips Vice President, Corporate Communications
636-736-2351 lphillips@rgare.com Lizzie Curry Director, Public
Relations 636-736-8521 lizzie.curry@rgare.com Jeff Hopson Senior
Vice President, Investor Relations 636-736-2068
jhopson@rgare.com
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